Axis bank which is known as, India’s 3rd largest private sector bank has today announced that they have entered into an agreement with Jasper Infotech Private Limited. Jasper Infotech Private Limited is the parent body of Accelyst Solutions Private Limited and FreeCharge Payment Technologies Private Limited. These two brands together from the digital payments business under the ‘FreeCharge’ brand.

Axis bank currently offers payment modes like credit cards, debit cards, mobile banking, UPI payments and forex cards. Earlier this year, Axis bank came into the news for its active participation in technology fields and for partnering with Samsung Pay, BMTC and Kochi Metro. Axis bank has established the second largest merchant network with over 4,33,000 PoS or point of sale machines.

The deal is subject to regulatory approvals. If everything goes well Axis bank expects that the deal will be sealed by the end of September 2017.

Below is what Siksha Sharma, CEO of Axis bank said about the deal.

The acquisition of FreeCharge re-affirms Axis Bank’s determination to lead the journey of digitization of financial services. We expect FreeCharge to contribute significantly in our aspiration to serve the digital native and mobile-first young consumers of India.

On the same topic, Snapdeal CEO and Co-Founder Mr. Kunal Bahl said,

The Axis FreeCharge combination is a potent one that has the potential to make a large impact on the digital payments and banking space. It is a win-win deal that allows Snapdeal to further focus on our core e-commerce business while giving Axis some of the agilest and innovative technology capabilities in the financial services space in India.

Free charge is said to be having more than 50 million registered wallet users and more than 2,00,000 merchants. As per them, 75 percent of their wallet users are below 30 years of age and 85 percent of their users use handheld devices like smartphones for transactions.

The Axis bank and FreeCharge merger is expected to play a significant role in the banks future for digital transactions and financial products. This will surely help the bank to serve its existing customers even better and to get new customers.

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